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- Submitted Sep 29, 2016|From dailypriceaction.com
AUDUSD has carved out yet another bearish pattern near channel resistance that extends from the April 2013 high. The first occurred on September 8th and triggered an impressive 200 pip selloff over the next three sessions. While yesterday’s session ...
- Submitted Sep 22, 2016|From dailypriceaction.com
Around this time last month I commented on the 4-hour ascending channel that has been forming on the NZDCAD since the May low at 0.8692. We were looking for a close below channel support to signal a change in direction. However, that break never ...
- Submitted Sep 14, 2016|From dailypriceaction.com
Despite a brief rally on Monday from 0.7500, an area that I mentioned over the weekend, the AUDUSD has picked up right where it left off last week. And with yesterday’s session closing below the August lows, upside potential could be limited going ...
- Submitted Sep 13, 2016|From dailypriceaction.com|1 comment
Over the weekend I pointed out why the NZDUSD has been struggling to breach the 0.7320 area on a weekly closing basis. We went all the way out to a monthly chart to view the sixteen-year ascending channel as well as the Fibonacci level that ...
- Submitted Sep 12, 2016|From dailypriceaction.com
The broader picture for EURGBP no doubt remains bullish as the pair has now been in rally mode since coming off the July 2015 bottom at 0.6935. However, post-Brexit price action suggests that a correction may be in order before the next leg up can ...
- Submitted Sep 11, 2016|From dailypriceaction.com|1 comment
EURUSD continues to trade in confined spaces. Last week’s price action found sellers at the trend line that extends from the current 2016 high at 1.1615 with bids forming at the key 1.1200 handle. As has been the case for most of 2016, I’m staying ...
- Submitted Sep 9, 2016|From dailypriceaction.com
NZDJPY kicked off the new year with a massive 850 pip drop that spanned just thirteen trading days. However, since that time the price action has been less than ideal. The pair has seen its fair share of swings, but the choppiness of it all has kept ...
- Submitted Sep 6, 2016|From dailypriceaction.com
GBPCAD has broken free from the ascending channel that extends from the August low at 1.6605. The breakout occurred yesterday just before the session closed while the retest of the level as new resistance materialized during today’s ...
- Submitted Sep 5, 2016|From dailypriceaction.com
Ahead of Friday’s non-farm payroll report, the EURUSD was on track to end the week higher and also close back above the 1.1200 handle. However, a change in sentiment following the NFP figure knocked the pair 100 pips lower where it would eventually ...
- Submitted Sep 1, 2016|From dailypriceaction.com
In the most recent weekly forecast, I mentioned the terminal pattern that has been forming on the EURCAD since the April high at 1.5028. At the time the pair had not yet signaled its intended direction, which left us on the sidelines. However, ...
- Submitted Aug 30, 2016|From dailypriceaction.com
Last Thursday I mentioned the rising wedge that had been forming on NZDUSD since the July 25th low at 0.6956. Approximately 24 hours after that commentary went out, Janet Yellen took center stage and managed to push the US dollar higher with ...
- Submitted Aug 29, 2016|From dailypriceaction.com
EURUSD sold off heavily following a brief rally that kicked off Janet Yellen’s speech last Friday. By the time the dust settled, the single currency had lost 160 pips against the USD and also broken below the 1.1200 handle. Not only was this level a ...
- Submitted Aug 24, 2016|From dailypriceaction.com
Exactly one week ago I mentioned the break of channel support on USDJPY just ahead of the August 17th FOMC meeting minutes. Due to how far the pair had dropped, we were waiting for a pullback to new resistance near the 101.00 handle to secure a more ...
- Submitted Aug 22, 2016|From dailypriceaction.com
We’ve had GBPCAD in our crosshairs for the last few weeks. In fact, I traded the pair twice last week, which is quite a lot considering I average just five trades each month across all currency pairs. The first setup materialized after the pair ...
- Submitted Aug 19, 2016|From dailypriceaction.com|2 comments
The AUDUSD is under pressure today as sellers have come out in force, driving the pair back below the key 0.7646 handle on an intraday basis. This level is the June high and also assisted in capping the advance in mid-July. Buyers managed to ...
- Submitted Aug 18, 2016|From dailypriceaction.com|1 comment
In keeping with the theme of the last week, NZDCAD is on the brink of following its AUDCAD counterpart over the edge as the Canadian dollar continues to strengthen. Here’s a full view of the 4-hour ascending channel. For those who have been around ...
- Submitted Aug 15, 2016|From dailypriceaction.com
Almost one week ago I mentioned an area on the GBPCAD that was likely to intensify selling pressure if broken. That region is outlined by 1.7010 and 1.7043. Twenty-four hours after my commentary was released, the pair produced the break we were ...
- Submitted Aug 11, 2016|From dailypriceaction.com
On January 20th, USDCAD began a steep descent that would eventually erase more than 2,000 pips before finding support at the 1.2460 handle in early May. To put things in perspective, it took 74 trading days to wipe out 143 days worth of gains. I ...
- Submitted Aug 9, 2016|From dailypriceaction.com
GBPCAD through us for a loop recently. On July 28th I mentioned the consolidation pattern that had emerged amid a massive head and shoulders reversal on the weekly chart. The consolidation I’m referring to was a rising wedge, which typically signals ...
- Submitted Aug 8, 2016|From dailypriceaction.com|2 comments
USDJPY has started to make up some lost ground after the latest Bank of Japan decision left buyers routed. By the time the dust settled, the risk-sensitive pair had lost nearly 500 pips before catching a bid just above the July lows at 100.20 I ...